Schneider Electric, the French electrical manufacturer, is locked in discussions with Rothschild about how to proceed with its €7.9bn ($7bn) bid for Legrand in the wake of Thursday's ruling by the French appeals court to block the offer.

The Paris appeals court ruled that Schneider's offer to owners of Legrand ADP shares - similar to preference shares - was too low. The ruling overturns a previous authorisation of the bid by the French stock market regulator.